Price too high. Nikon would have sold many boat-loads of 1's if the price was right. Both prices are about US$150 too high initially. I predict we'll see Instant Rebates on these cameras before year's end.

No fast lens. Just one f/1.4 lens would have been nice. Even f/2. I suspect we'll eventually get this, but the apertures on the announced lenses are distinctly compact camera consumer crowd. The problem here is that we have 1/1.7" compacts with f/1.8 lenses. Which, in theory, means they should perform better than the J1 with the kit lens.

Phase detect sensor. Think DSLR. Think Nikon having their own sensors for half their DSLR lineup. Think Nikon getting rid of the mirror in future DSLRs. A better solution than Sony's, IMHO.

V1 to D3100 gap. There's still a pretty large gap between the two models. The question is, will they fill that gap with a 1 model upwards or a DSLR model downwards (and consider the previous point before you answer).

Sensor/Expeed bandwidth. The Nikon 1 is running extraordinarily high data rates internally, higher than many of the DSLRs manage. This bodes well for next generation Nikons higher up in the lineup.

Sensor pitch. Without getting too deep into the bigger is better arguments, note that the photosite size on the Nikon 1 is about the same as on the NEX-7 (3.4 microns versus 3.9). Also, it's not tremendously far from the XZ-1 (3.4 microns versus 2.2). The implication is that Nikon could size up this sensor to DX and have 24mp+. See first point.

The camera can be silent. As in completely silent while shooting. That's the benefit of the electronic shutter, another aspect of this new sensor that is being not noticed as much as it should be.

Certain DX lenses now look more interesting. The 40mm Micro-Nikkor, for example, is a 108mm equivalent on the Nikon 1. Wait, that's a lot like...OMG, it's a 105 macro! The 50mm f/1.8 (yes, I know, not DX, but a recent of-interest-to-DX-users lens) is a 135mm (though not DC ;
). True, we're still losing out on the aperture game, but it just seems like there are a lot of recent Nikkors that have come across my desk that seem somewhat interesting on the Nikon 1. Almost to the point where I might be more likely to carry a Nikon 1 along with my D7000 instead of a m4/3 camera.